Wichita, Kansas is a thriving city known for its diverse population and vibrant business landscape. In this article, we will delve into the demographic distribution of residents in Wichita, explore the distribution of important residential and commercial areas, and shed light on the potential for a successful Outlet Stores business in Wichita. Additionally, we will discuss the estimated capital investment required and the expected return on investment (ROI) of opening an Outlet Stores store.
Demographic Distribution in Wichita, KS:
Wichita, with a population of over 390,000 residents, offers a diverse customer base for businesses. The population has a welldistributed age range, with a median age of 35.8 years, making it an attractive market for various retail sectors, including Outlet Stores.
Residential and Commercial Areas:
To establish a successful Outlet Stores business, it’s important to consider the distribution of residential and commercial areas in Wichita.
1. Residential Areas:
- East Side: The east side of Wichita is known for its established residential areas with middle to upperclass households. Neighborhoods such as Crestview, College Hill, and Lakepoint offer potential customers for Outlet Stores.
- West Side: The west side has seen significant residential development, with neighborhoods like Reflection Ridge and Auburn Hills comprising a mix of middle to upperclass families. These areas present an opportunity for Outlet Stores targeting suburban residents.
2. Commercial Areas:
- Bradley Fair: Located on the east side of Wichita, Bradley Fair is an upscale outdoor shopping center offering a mix of highend stores and restaurants. Setting up an Outlet Stores store near Bradley Fair can attract shoppers seeking discounted luxury products.
- Towne East Square: This large regional shopping mall, located on East Kellogg Drive, is a commercial hub with a diverse range of stores and a high footfall. Establishing an Outlet Stores store in or around Towne East Square can tap into its consumer traffic.
Capital Investment and ROI:
When considering starting an Outlet Stores business in Wichita, it is crucial to evaluate the capital investment required and the expected ROI.
1. Capital Investment:
The capital investment for an Outlet Stores business in Wichita may vary depending on several factors, including store size, inventory, and location. An estimated initial investment of $200,000 to $500,000, covering store setup, inventory, marketing, and operational expenses, is usually necessary.
2. Return on Investment (ROI):
The ROI for an Outlet Stores business can be attractive due to the lower inventory costs and the potential for increased sales volume. While it can take time to build a customer base, a wellmanaged Outlet Stores business in Wichita can typically expect an ROI within 23 years.
Wichita, KS, offers a promising environment for the establishment of an Outlet Stores business. Its diverse population, coupled with strategic residential and commercial areas, creates a suitable market for discounted retail. While the capital investment required may range between $200,000 and $500,000, the potential ROI within a few years makes it an attractive venture. By strategically locating outlets near areas such as Bradley Fair and Towne East Square, entrepreneurs can tap into the growing demand for discounted shopping experiences in Wichita.